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Dubai-based global port operator DP World reported a 33% drop in 2023 net profit attributable to the owners after separately disclosed items, to $820 million and said outlook remains uncertain due to geopolitical and macroeconomic headwinds.
Revenue grew 6.6% to $18.25 billion, supported by Drydocks World, the full-year consolidation benefit of Imperial Logistics acquisition and like-for-like growth driven by ports and terminals, and logistics businesses, the company said in a statement on Nasdaq Dubai on Thursday.
Adjusted EBITDA grew 1.9% to $5.11 billion with adjusted EBITDA margin of 28%. Cash generated from operating activities increased by 2.9% to $4.57 billion in 2023 versus $4.45 billion in 2022.
The global port operator gave capital expenditure guidance for 2024 at approximately $2 billion, to be invested in Jebel Ali in the UAE, London Gateway, Inland Logistics (India), Dakar (Senegal), East Java, Congo, Peru, and Jeddah in Saudi Arabia.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said a focus on high-margin cargo, end-to-end integrated supply chain solutions and diligent cost optimisation played a role in securing the results.
He said the outlook for 2024 remains uncertain due to the “challenging geopolitical and economic environment.”
(Reporting by Brinda Darasha; editing by Bindu Rai)
